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Fly News Breaks for October 16, 2019
CP
Oct 16, 2019 | 06:26 EDT
BofA/Merrill analyst Ken Hoexter downgraded Canadian Pacific to Neutral from Buy with an unchanged $240 price target. The analyst notes that the stock price is closing in on his prior target which models a 17-times earnings multiple - the upper end of its 12- to 18-times "historical one-standard deviation trading band." Hoexter remains positive on Canadian Pacific's continued operational improvement, forecasting its operating ratio to come in below 60% this year and below 59% in 2020.
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